Cisco shares on Thursday touched an 18-month low after the company warned of persisting shortages in components, worrying Wall Street on how exports could suffer due to China's COVID-19 restrictions and the Ukraine crisis.
Enterprise-focused firms such as Cisco, which benefited as companies spent to upgrade technology infrastructure to incorporate hybrid work, have faced challenges due to a shortage in components which has worsened since key supply hub China implemented stringent COVID lockdowns in April. Cisco has a backlog of US$15 billion in products, including US$2 billion in software, a record value of orders that are yet to be delivered to customers. The company said cancellation rates were lower than pre-pandemic times.
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